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Magellan Midstream (MMP) Gets a Buy Rating from Evercore ISI

Evercore ISI analyst Todd Firestone maintained a Buy rating on Magellan Midstream (MMPResearch Report) on April 4 and set a price target of $55.00. The company’s shares closed last Friday at $49.24.

According to TipRanks.com, Firestone is a 4-star analyst with an average return of 14.0% and a 81.1% success rate. Firestone covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Dcp Midstream Partners, and Plains All American.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Magellan Midstream with a $52.57 average price target, which is a 7.0% upside from current levels. In a report issued on March 30, RBC Capital also maintained a Buy rating on the stock with a $56.00 price target.

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Based on Magellan Midstream’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $809 million and net profit of $244 million. In comparison, last year the company earned revenue of $558 million and had a net profit of $184 million.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MMP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Magellan Midstream Partners LP engages in the transportation, storage and distribution of petroleum products. It operates through the following segments: Refined Products, Crude Oil, and Marine Storage. The Refined Products segment consists of common carrier refined products pipeline system, independent terminals, and its ammonia pipeline system. The Crude Oil segment comprises of crude oil pipelines, splitter and storage facilities which are used for contract storage. The Marine Storage segment includes marine terminals located along coastal waterways. The company was founded in August 2000 and is headquartered in Tulsa, OK.

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